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Report No. : |
348762 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
CANCUN PRODUCTS LTD. |
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Formerly Known As : |
UZI PATAEL LTD |
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Registered Office : |
18 Hamiktzo'ot Blvd., Ispro Center, Modi'in-Maccabim-Re'ut 7177700 Israel |
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Country : |
Israel |
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Year of Establishment : |
1985 |
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Com. Reg. No.: |
51-157335-4 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importers and marketers of seafood |
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No. of Employee : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Israel |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
ISRAEL - ECONOMIC OVERVIEW
Israel has a technologically advanced market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among the leading exports. Its major imports include crude oil, grains, raw materials, and military equipment. Israel usually posts sizable trade deficits, which are covered by tourism and other service exports, as well as significant foreign investment inflows. Between 2004 and 2013, growth averaged nearly 5% per year, led by exports. The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals, following years of prudent fiscal policy and a resilient banking sector. Israel's economy also has weathered the Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. Slowing demand domestically and internationally and reduced investment due to uncertainties caused by the Gaza conflict in summer 2014 have reduced GDP growth to about 2% during 2014. Natural gas fields discovered off Israel's coast since 2009 have brightened Israel's energy security outlook. The Tamar and Leviathan fields were some of the world's largest offshore natural gas finds this past decade. The massive Leviathan field is expected to come online no sooner than 2017, but production from Tamar provided a one percentage point boost to Israel's GDP in 2013 and a 0.5% boost in 2014. In mid-2011, public protests arose around income inequality and rising housing and commodity prices. Israel's income inequality and poverty rates are among the highest of OECD countries and there is a broad perception among the public that a small number of "tycoons" have a cartel-like grip over the major parts of the economy. The government formed committees and has started splitting up the oligopolies to address some of the grievances but has maintained that it will not engage in deficit spending to satisfy populist demands. Over the long term, Israel faces structural issues, including low labor participation rates for its fastest growing social segments - the ultra-orthodox and Arab-Israeli communities. Also, Israel's progressive, globally competitive, knowledge-based technology sector employs only 9% of the workforce, with the rest employed in manufacturing and services - sectors which face downward wage pressures from global competition.
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Source
: CIA |
CANCUN PROD
Telephone 972
3 951 80 74
Fax 972
3 951 80 73
Email: ronit@cancun.co.il
18 Hamiktzo'ot Blvd.
Ispro Center
MODI'IN-MACCABIM-RE'UT
7177700 ISRAEL
Originally established as a sole proprietorship in 1985 and operated under the style
"EZRA PATAEL".
Converted into a private limited company and registered as such as per file
No. 51-157335-4 on the 27.05.1991.
Originally registered under the name UZI PATAEL LTD., which changed to
the present name on the 22.12.2003.
Authorized share capital NIS 2,640.00, divided into - 2,640 ordinary shares
of NIS 1.00 each, of which 420 shares amounting to NIS 420.00 were issued.
1. Ezra Patael, 50%,
2. Ms. Dorit Patael, 50%.
1. Ezra (Uzi) Patael, General
Manager,
2. Ms. Dorit Patael,
Importers and marketers of seafood. Import is from many counties, mainly
from Norway, India, Vietnam and China.
Also local purchasing and marketers of meat, fish and poultry.
Sales are mainly to the local restaurants (e.g. chains BLACK, GIRAFFE, EL
GAUCHO) and delicatessens, as well as supermarket chains (selling also under
own brand "Cancun").
Most of subject’s suppliers are foreign.
Amongst local suppliers: NETO GROUP, LACHOVICH, TNUVA/ ADOM ADOM, etc.
Shipping services: ZIM NAVIGATION.
Operating from owned premises, on an area of 4,500 sq. meters, in 18
Hamiktzo'ot Blvd. (or "Shderot Hamikzo'ot" in Hebrew), Ispro Center,
Light Industrial Zone Einav Center, Modi'in-Maccabim-Re'ut (to where they
moved from 4 Israeli Shimon Street, Rishon Le-Zion). Also using storage facilities and logistics of LOGISTIMEN and HIRON in
Ashdod, based on need.
Having 50 employees.
Financial data not forthcoming.
Group's owned property Ispro Center, Light Industrial Zone Einav Center,
Modi'in, is valued at several NIS millions.
There are 18 charges for unlimited amounts registered on the company’s
assets (all assets, including financial and fixed assets), in favor of Mizrahi
Tefahot Bank Ltd., Mercantile Discount Bank Ltd., Bank Leumi Le'Israel Ltd.,
and Bank Otsar Hahayal Ltd.
Sales figures not forthcoming.
CANCUN TRADE MANUFACTURING MARKETING AGRICULTURAL PROD
EZRA PATAEL ASSETS LTD.
Mercantile Discount Bank Ltd., Rishon Le Zion Branch (No. 668), Rishon Le
Zion, account No. 120340.
A check with the central banks’ database did not reveal any negative
information regarding subject’s a/m account.
Bank Leumi Le'Israel Ltd., Principal Branch Tel Aviv (No. 800), Tel Aviv.
In May 2014 a citizen filed a motion for class action against subject (on
NIS 5 million) to be approved by the Haifa District Court, claiming of
misleading labeling on their products. The matter reached a compromise (before
subject submitted its defense paper), which was approved by the Court in March
2015. Subject claimed there was an error in the labeling of a certain shipment,
therefore as part of the compromise it will sell the same goods from the
shipment in 18% discount and sell during 2015 further 1,000 packages of other
kinds with discount up to 18%.
Nothing unfavorable learned apart from the above (in an incident in 2012
subject was accused and convicted for violating business license regulation,
however the matter is relatively insignificant).
Subject's officials refused to disclose financial details.
This is a veteran business, well-known in its field.
It should be noted that in October 2015 the World
Health Organization (WHO) published a report stating that processed meat
products includes cancerous ingredients, advising to lower their consumption.
This report caused an immediate significant decrease in the sale of processed
meat products in Israel, and a survey reported on 05.11.2015, notes that in the
past week there was an average quantitative decrease of 27% in sales of
processed, chilled and frozen meat and poultry products. Since this report was
published recently, we cannot estimate its influence on subject in the long
run.
According to sources in the branch in 2010,
during the previous 5 years annual sales of fish (fresh and frozen) were in
value of circa NIS 450 million, from import and local fishing, though import
rate of fresh fish keeps growing on account of local production. Import of
fresh fish exceeded 10,000 tons in 2012, almost 3 times the quantity in 2006.
Import of frozen fish reached over 52,000 tons in 2012 and was valued at NIS
316 million according to Nilsen survey of January 2010.
Consumption rate of fish has been rising but
still below average comparing to other western countries. Average per capita
consumption stands at around
There are about 10
large importers of meat to Israel, due to the high entry barriers to the
branch. One third of the local meat market is comprised of fresh meat, mainly
from local cattle herds (60%), the rest from import.
In 2010, some 91
thousand cattle heads (calves) were imported to Israel, mainly by TNUVA with
30% share.
In 2009 106,600
tons of meat (cattle) was sold, of which 36,000 tons from local suppliers and
the rest from frozen imported meat.
According to sources in the branch in 2010,
during the previous 5 years annual sales of fish (fresh and frozen) were in
value of circa NIS 450 million, from import and local fishing. Frozen fish
market was valued at NIS 316 million according to Nilsen market survey of
January 2010.
According
to Central Bureau of Statistics (CBS), import of food and
beverages to Israel in 2014 reached NIS 7,688 million, an impressive rise by
10.7% from 2013, continuing the upward growth trend in the last years (0.7% in
2013, 14% in 2012). The positive trend continued into 2015, with import rising by 12.5% in
the first 5 months compared to the parallel period in 2014.
Notwithstanding the refusal to disclose
financial details, considered good for trade engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.17 |
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1 |
Rs.100.66 |
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Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.